Tagish Lake Announces Court Approval of DIP Financing
12 Août 2010 - 10:21PM
Marketwired
Tagish Lake Gold Corp. (TSX VENTURE: TLG) (the "Company" or
"Tagish") announces that yesterday the Supreme Court of British
Columbia approved the offer by 379489 Ontario Street Holdings Inc.
("379489") to provide the Company with a debtor in possession loan
in the amount of $500,000 (the "DIP Loan"), and that the Company
expects that the DIP Loan will be advanced within the next few
days. The DIP Loan will be provided to the Company for a term of up
to six months, at an annual interest rate of 14%, and on the
security of a super-priority security interest and charge on all of
the existing and after-acquired property, assets and undertaking of
the Company. In connection with the DIP Loan, the Company has
agreed to pay to 379489 a commitment fee of $25,000, to reimburse
379489's reasonable costs and expenses, and to enter into
definitive loan documents.
The Company also announces that earlier this week it received
notification that, as expected, YS Mining Company Inc. ("YS
Mining") has made an application to the British Columbia Securities
Commission for, among other things, a cease trade order with
respect to the take-over bid made on July 21, 2010 by New Pacific
Metals Corp. for all of the shares and proven debt of the Company.
The Company has instructed its special counsel to attend the
hearing of this application to observe and to represent the
interests of shareholders (and other stakeholders) of the Company
in receiving full, true and plain disclosure of all material facts
relating to the New Pacific bid. A date for the hearing of YS
Mining's application has not yet been determined.
The Board and the Special Committee of the Board of the Company
will continue to monitor events and will respond to future
developments as they unfold.
About Tagish Lake Gold Corp.
Tagish Lake Gold Corp. explores for and develops high grade
gold-silver mineral deposits in the Yukon Territory of Canada. The
Company is currently focused on its wholly owned, 178 km2 Skukum
Mineral District located 80 km by road south of Whitehorse. The
Skukum Mineral District hosts the Skukum Creek gold-silver deposit,
the Goddell Gully and the Mt. Skukum gold deposits.
This news release contains forward-looking statements (within
the meaning of applicable securities laws) relating to the Company.
Forward-looking statements are identified by words such as
"believe", "anticipate", "expect", "intend", "plan", "will", "may"
and other similar expressions. This information involves known and
unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those
anticipated in such forward-looking information. Forward-looking
information in this news release includes, without limitation,
statements made in respect of the advance of the DIP Loan and the
hearing of YS Mining's application to the British Columbia
Securities Commission.
All forward-looking statements in this news release are
qualified by these cautionary statements. Forward-looking
statements involve significant risks and uncertainties, should not
be read as guarantees of future performance or results, should not
be unduly relied upon and will not necessarily be accurate
indications of whether or not such results will be achieved.
Factors that could cause actual results to differ materially from
the results discussed in the forward-looking statements, include,
but are not limited to YS Mining deciding not to pursue its
application for a cease trade order or 379489 deciding not to
advance the DIP Loan.
Forward-looking information is based on various material factors
or assumptions, which are based on information currently available
to the Company.
Although the forward-looking statements contained in this news
release are based upon what management believes are reasonable
assumptions, the Company cannot assure readers that actual results
will be consistent with these forward-looking statements.
The forward-looking statements contained in this news release
are made as of the date of this news release and should not be
relied upon as representing the Company's views as of any date
subsequent to the date of this news release. The Company assumes no
obligation to update or revise these forward- looking statements to
reflect new information, events, circumstances or otherwise, except
as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Tagish Gold Lake Corp. John Resing Chair of Special
Committee (425) 454-7992
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